Series 63 practice questionmediumTrigger for Notice Filing
A federal covered adviser with clients in State F has not solicited or conducted business with the general public in that state. Which of the following determines whether a notice filing is required?
- AWhether the clients are institutional or retail✓ Correct answer
- BWhether the adviser has any office in State F
- CThe adviser's total AUM
- DWhether the adviser also acts as a broker-dealer
Explanation
Why A — Whether the clients are institutional or retail
If clients in the state are only institutions, no notice filing is required; public (retail) clients trigger notice filing (Section 405). Office location does not dictate filing for federal covered advisers.
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